Heineken price hikes boost profits

27-08-2008

Heineken price hikes boost profits
Higher prices helped Heineken raise organic net profits by 5.3 per cent to €407 million (£325.3 million) for the first half.

The brewer said increasing prices across most markets helped offset higher costs and it would continue to pass these on to the customer, with rises of around eight per cent expected for next year compared to 2008.

Weakening economies in Europe and the US meant sales were down in these regions but improved growth in eastern and central Europe as well as in Africa and Asian Pacific helped boost overall volumes by 15 per cent.

Jean-Francois van Boxmeer, chairman and chief executive, said: "This is a good first half performance, demonstrating our competitiveness against a background of weaker economies and increased input costs."

The results included the contribution from Scottish & Newcastle, which Heineken acquired with Carlsburg in April.

The brewer said the integration was going well, adding it has identified a further £25 million in savings that could be made from the takeover.

Heineken was positive in its full-year outlook, forecasting at least mid-single digit organic net profit growth for 2008.

The board is proposing shareholders receive a €0.28 interim dividend.

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